Shelf.io Raises $52.5 Million in a Series B To Accelerate Growth Of AI-Driven Answers Automation Platform
STAMFORD, Conn.--(BUSINESS WIRE)--Shelf.io, the world’s leading AI-driven answers automation company, today announced a Series B round of $52.5 million led by Tiger Global and Insight Partners, with participation from existing investors Base10 Partners, Connecticut Innovations, Contour Venture Partners and individuals like Austin McChord (founder of Datto) and Tooey Courtemanche (founder of Procore). The company, whose clients include John Deere, DSW, HelloFresh, Equitable/AXA, and Glovo, has experienced 4X growth in the last 12 months, zero customer churn in the last three years and a 10X user growth in the last year.
Shelf was created to address a massive employee productivity challenge — the average worker spends 19% of their time tracking looking for answers or tracking down colleagues for help. The shift to remote teams due to COVID has only exacerbated the problem of tracking down answers. 42% of remote workers reported the ability to access information quickly and easily has the greatest impact on how productive they are.
Shelf’s platform helps every employee - from management to customer support agents - find answers to any question. Through AI-driven answer automation, Shelf reduces the average time-to-answer for customer service reps from more than four minutes to less than 20 seconds, reduces agent handle time by 25% and decreases support escalations by 40%. Shelf works across all customer service platforms and any customer communication channel — all while meeting the most stringent security standards. In addition, Shelf offers consumer-facing self-service tools that ensure customers find the right answers on the channels they frequent.
“With the remote distributed workplace now mainstream and an unprecedented volume of company content available on a growing number of cloud solutions, the need to quickly access answers within that information has never been greater,” said Sedarius Perrotta, CEO and Co-founder of Shelf.io. “We leverage our proprietary MerlinAI to make it easy for any employee to get answers from across the enterprise’s content sprawl. We are excited to partner with Tiger Global and Insight Partners to help us meet the incredible customer demand.”
“Over the next 10 years, every company will be forced to upgrade their knowledge technology,” said John Curtius, Partner at Tiger Global Management. “We are excited to back the Shelf team as they build the leading answers automation platform in the enterprise.”
“Shelf has built an incredibly robust enterprise answers automation platform,” said Jon Rosenbaum, Principal at Insight Partners. “The technology’s focused application within customer service drives meaningful improvement in speed and efficacy of resolutions. We are pleased to support Shelf as they enter the company’s ScaleUp phase.”
Launched in 2017 by co-founders Colin Kennedy, Tobias Jaeckel and Sedarius Tekara Perrotta, Shelf is the highest rated Knowledge Management software by Gartner Digital Markets.
Shelf.io is the world’s leading AI-driven knowledge automation company. Shelf integrates with a company’s existing tech stack so that employees and customer service agents can quickly source relevant content in any company channel they are working in. Launched in 2017 by co-founders Colin Kennedy, Tobias Jaeckel and Sedarius Tekara Perrotta, Shelf brings answer automation to world-class enterprises like DSW, HelloFresh, Gerber, Glovo and John Deere and is rated #1 in Knowledge Management by Gartner.
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised, through a series of funds, more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.